Norges Bank Buys Shares of 2,079,515 Scholar Rock Holding Corporation $SRRK

Norges Bank bought a new stake in Scholar Rock Holding Corporation (NASDAQ:SRRK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,079,515 shares of the company’s stock, valued at approximately $91,603,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Scholar Rock by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 5,195,465 shares of the company’s stock valued at $228,860,000 after acquiring an additional 280,538 shares during the last quarter. Wellington Management Group LLP boosted its stake in Scholar Rock by 124.5% in the third quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock valued at $169,289,000 after acquiring an additional 2,521,022 shares during the last quarter. Bellevue Group AG boosted its stake in Scholar Rock by 10.1% in the third quarter. Bellevue Group AG now owns 3,244,537 shares of the company’s stock valued at $120,827,000 after acquiring an additional 297,242 shares during the last quarter. Jennison Associates LLC boosted its stake in Scholar Rock by 74.0% in the fourth quarter. Jennison Associates LLC now owns 2,795,188 shares of the company’s stock valued at $123,128,000 after acquiring an additional 1,188,676 shares during the last quarter. Finally, Holocene Advisors LP purchased a new position in Scholar Rock in the third quarter valued at about $91,670,000. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. HC Wainwright boosted their target price on shares of Scholar Rock from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Truist Financial upped their price target on shares of Scholar Rock from $44.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Piper Sandler upped their price target on shares of Scholar Rock from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. Barclays upped their price target on shares of Scholar Rock from $53.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Scholar Rock in a research note on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $56.00.

Insider Activity

In related news, insider Akshay Vaishnaw sold 12,246 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $49.57, for a total transaction of $607,034.22. Following the sale, the insider owned 630,542 shares of the company’s stock, valued at approximately $31,255,966.94. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vikas Sinha sold 10,410 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $49.57, for a total transaction of $516,023.70. Following the sale, the chief financial officer directly owned 619,856 shares in the company, valued at $30,726,261.92. This trade represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 63,491 shares of company stock worth $3,147,249. Insiders own 13.30% of the company’s stock.

Scholar Rock Stock Performance

Scholar Rock stock opened at $44.30 on Friday. The firm’s 50 day simple moving average is $48.00 and its 200 day simple moving average is $45.63. The company has a current ratio of 8.64, a quick ratio of 8.64 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $5.31 billion, a PE ratio of -12.34 and a beta of 0.69. Scholar Rock Holding Corporation has a 1-year low of $27.07 and a 1-year high of $52.19.

Scholar Rock (NASDAQ:SRRK) last posted its earnings results on Thursday, May 7th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.01). During the same period last year, the company earned ($0.67) EPS. As a group, analysts expect that Scholar Rock Holding Corporation will post -3.23 earnings per share for the current fiscal year.

Scholar Rock Company Profile

Scholar Rock is a clinical-stage biotechnology company focused on the discovery and development of protein therapeutics that selectively target growth factors involved in disease processes. The company’s research platform is designed to modulate endogenous growth factor activation and signaling with high specificity, aiming to restore normal biological function across a range of disorders. Scholar Rock’s approach is distinguished by its emphasis on engineering antibodies and biologics that interact with growth factor precursors or latent complexes rather than the active form, potentially offering improved safety and efficacy profiles.

The company’s lead program, SRK-015 (appercept), is an investigational monoclonal antibody targeting the activation of latent myostatin proproteins and is being evaluated for the treatment of spinal muscular atrophy (SMA).